Devon Energy Co. (NYSE:DVN) Stake Lowered by Spire Wealth Management

Spire Wealth Management trimmed its position in shares of Devon Energy Co. (NYSE:DVN) by 28.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,760 shares of the energy company’s stock after selling 2,324 shares during the period. Spire Wealth Management’s holdings in Devon Energy were worth $273,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Sage Mountain Advisors LLC acquired a new stake in shares of Devon Energy during the 2nd quarter valued at about $200,000. Wealth Alliance Advisory Group LLC grew its position in Devon Energy by 35.3% in the second quarter. Wealth Alliance Advisory Group LLC now owns 27,975 shares of the energy company’s stock worth $1,326,000 after acquiring an additional 7,300 shares in the last quarter. Concurrent Investment Advisors LLC grew its position in Devon Energy by 88.8% in the second quarter. Concurrent Investment Advisors LLC now owns 75,379 shares of the energy company’s stock worth $3,573,000 after acquiring an additional 35,454 shares in the last quarter. Rothschild Investment LLC bought a new position in shares of Devon Energy during the 2nd quarter valued at $1,867,000. Finally, iA Global Asset Management Inc. raised its holdings in shares of Devon Energy by 149.0% during the 2nd quarter. iA Global Asset Management Inc. now owns 79,260 shares of the energy company’s stock valued at $3,757,000 after purchasing an additional 47,431 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Piper Sandler lowered their target price on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. Susquehanna reissued a “positive” rating and set a $65.00 price objective on shares of Devon Energy in a report on Tuesday, July 9th. Morgan Stanley boosted their target price on Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Bank of America reaffirmed a “buy” rating and set a $64.00 target price on shares of Devon Energy in a research report on Friday, June 14th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a research report on Tuesday. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $58.75.

Devon Energy Stock Down 3.9 %

Shares of DVN opened at $43.02 on Wednesday. The company has a 50-day simple moving average of $45.70 and a 200-day simple moving average of $47.62. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The firm has a market capitalization of $26.94 billion, a P/E ratio of 8.21, a P/E/G ratio of 1.26 and a beta of 2.07. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. Devon Energy’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.18 EPS. On average, equities research analysts expect that Devon Energy Co. will post 5.37 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date is Friday, September 13th. Devon Energy’s payout ratio is 16.79%.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.